Fox Corporation $FOXA Shares Sold by Independent Franchise Partners LLP

Key Points

• Independent Franchise Partners LLP has reduced its stake in Fox Corporation by 20.3%, now holding approximately 12.89 million shares, which is around 5.2% of its investment portfolio.
• Fox Corporation recently declared a dividend increase to $0.28 per share, up from $0.18, which will be distributed on September 24th to investors of record by September 3rd.
• The company's latest earnings report showed an earnings per share of $1.27, exceeding expectations and reporting a 6.3% revenue increase year-on-year, totaling $3.29 billion.

Independent Franchise Partners LLP cut its stake in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 20.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,888,660 shares of the company's stock after selling 3,288,749 shares during the period. FOX accounts for about 5.2% of Independent Franchise Partners LLP's investment portfolio, making the stock its 9th biggest holding. Independent Franchise Partners LLP owned 2.84% of FOX worth $729,498,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of FOXA. Hemington Wealth Management boosted its position in FOX by 217.6% during the first quarter. Hemington Wealth Management now owns 524 shares of the company's stock valued at $29,000 after purchasing an additional 359 shares during the last quarter. MV Capital Management Inc. boosted its position in FOX by 929.9% during the first quarter. MV Capital Management Inc. now owns 690 shares of the company's stock valued at $39,000 after purchasing an additional 623 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in FOX during the first quarter valued at approximately $40,000. Sentry Investment Management LLC acquired a new position in FOX during the first quarter valued at approximately $43,000. Finally, Allworth Financial LP boosted its position in FOX by 55.2% during the first quarter. Allworth Financial LP now owns 787 shares of the company's stock valued at $45,000 after purchasing an additional 280 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

FOX Stock Performance

NASDAQ:FOXA opened at $59.42 on Friday. The stock has a market cap of $26.47 billion, a P/E ratio of 12.10, a PEG ratio of 1.42 and a beta of 0.54. The stock has a 50 day simple moving average of $56.14 and a 200 day simple moving average of $54.22. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. Fox Corporation has a 1-year low of $38.72 and a 1-year high of $60.24.

FOX (NASDAQ:FOXA - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%.The business had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the firm posted $0.90 EPS. The firm's revenue for the quarter was up 6.3% compared to the same quarter last year. Research analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current year.

FOX Increases Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, September 24th. Investors of record on Wednesday, September 3rd will be paid a $0.28 dividend. This is a boost from FOX's previous dividend of $0.18. The ex-dividend date is Wednesday, September 3rd. FOX's dividend payout ratio is currently 11.00%.

Insider Activity at FOX

In related news, CFO Steven Tomsic sold 39,642 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $55.30, for a total value of $2,192,202.60. Following the transaction, the chief financial officer directly owned 133,923 shares in the company, valued at approximately $7,405,941.90. This represents a 22.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 21.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Bank of America raised their price objective on FOX from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Morgan Stanley raised their price objective on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Finally, Loop Capital raised their price objective on FOX from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Nine research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, FOX currently has a consensus rating of "Hold" and an average target price of $56.20.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.

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